The present invention relates generally to money transfer systems. More specifically, the present invention relates to money transfer systems having a compliance verification arrangement and associated methods.
Many people use the services of money transfer service providers to send funds to other people or purchase negotiable instruments such as money orders and travelers checks. Electronic communication and financial services networks now allow such transactions to have a nearly global reach. Increasingly, however, various laws and regulations impose requirements and/or limitations on money transfers. As a result, money transfer service providers often are obligated to demonstrate compliance with these requirements. Thus, systems and methods are needed that assist money transfer service providers to comply with regulations relating to their services.